just bot a new laptop that comes with 1 year micro 365; i also have the same subscription that i pay for on am monthly basis

The monthly subscription is not cancelled automatically. A single Microsoft account can have only one active Microsoft 365 consumer subscription at a time, so to use the 1‑year subscription from the new laptop instead of the existing monthly one, the paid monthly subscription must be cancelled or allowed to expire.

To cancel the monthly subscription:

1. Go to the Subscriptions page: https://account.microsoft.com/services and sign in with the Microsoft account used for the monthly Microsoft 365 subscription.
2. Under Services & subscriptions, find the current paid Microsoft 365 subscription.
3. Select Manage.
4. Choose Cancel subscription (or Upgrade or Cancel) and follow the prompts.
   • If the page shows Turn on recurring billing instead of Manage, the subscription is already set to expire on the date shown and will not renew.

After cancellation, the subscription remains usable until the end of the current billing period. Then the 1‑year subscription (if activated on the same Microsoft account) will cover Microsoft 365 usage.

References:

• What happens if I add another Microsoft 365 for home subscription to my account?
• Cancel your Microsoft subscription
• Cancel a Microsoft 365 subscription
• Switch between Microsoft 365 subscriptions